For many people the thought of working by and for yourself is a frightening step into unchartered waters. For others it is freedom from the shackles of being beholden to somebody else. Whichever it would be for you, it can be managed successfully by careful planning and appropriate guidance.

The benefits of going it alone are obvious – nobody else to answer to, flexibility to work when and where you want to, the chance to set your own salary package and to pay yourself tax-efficiently, and the general flexibility and freedom that come with making all your own decisions.

A leap into the unknown

Stop for a moment to consider the potential pitfalls – having to comply with lots of red tape (will they really reduce it when we are no longer in the EU?), business administration and countless compliance rules and, biggest of all potentially, the worry about where your next order or sale is coming from. It’s a leap into the unknown for sure and you can’t ignore these potential pitfalls, but it can represent the start of something special. Don’t for a moment think you will be on your own. Plenty of help is at hand.

The government provides help for start-up businesses through its website and development organisations. Accountancy firms, such as mine at Andorran, are even better placed to provide you with guidance as to how to organise the business, to plan ahead, to create a tax-efficient structure, to comply with the raft of legislative demands that you face and to introduce you to others, such as banks etc, to help you arrange everything you need to do.

The feeling when you succeed is incredible

How do you promote your new business? What IT systems do you need? Have you got all the insurances you require? Are you going to employ any staff? Will you be able to plan your pension contributions from day one? Do you need an office or are you going to work from home?

The list is endless I hear you say; how will I cope? Well, perhaps not endless, but definitely long enough to provide you with the sort of challenges that you will face if you are going to make it on your own. Don’t worry, help is at hand and the feeling when you succeed is incredible.

And best of all? The Local Answer is packed with contact numbers of like-minded individuals, so finding that help is but a few pages away.